Memechan lets you instantly trade memecoins without needing to seed liquidity, using $SLERF pairs instead of SOL. As a competitor to Pump.Fun, they provide solutions to counter pump-and-dump schemes in memecoin trading. Here’s what you need to know.
What is Memechan?
Memechan is a new and innovative player in Solana Memecoin trading, leveraging a partnership with $SLERF to provide unique solutions. Unlike traditional platforms that use $SOL as the liquidity pair, Memechan uses $SLERF tokens, aiming to counteract common issues like pump-and-dump schemes. This strategy helps prevent snipers from exploiting new contracts and manipulating prices. Memechan’s bonding curve model includes features such as a 1-hour cooldown for trading after purchase and a one-day lock period upon migration to Raydium, with a subsequent 7-day unlock period, incentivizing holding and staking. These measures are designed to create a fairer trading environment.
Key Features
Memechan stands out in the crowded space of Memecoins for several reasons:
- $SLERF as LP Token: Unlike traditional Memecoins that use Solana ($SOL) as their liquidity pair, Memechan uses $SLERF as the LP token. This approach aims to mitigate common issues such as pump-and-dump schemes.
- Anti-Sniper Measures: Memechan implements strategies to prevent snipers from taking unfair advantage during token launches. By using $SLERF pairs, they reduce the chances of bots and snipers grabbing large portions of the supply at launch.
- Cooldown Period: After purchasing Memechan tokens, users must wait for a one-hour cooldown before they can trade. This rule helps to curb rapid buying and selling, ensuring a more stable trading environment.
- Lock Periods and Staking: When tokens migrate to Raydium, they are subject to a one-day lock period followed by a seven-day unlock period. This phased unlocking encourages long-term holding and provides staking rewards for those who maintain their positions.
Step-by-step guides to trade on Memechan
To get started with trading Memechan, follow these steps:
Step 1: Funding Your Wallet
- Install Phantom Wallet: Ensure you have a Phantom wallet installed.
- Acquire $SLERF Tokens: Purchase $SLERF tokens, which are necessary for trading Memechan.
Step 2: Buying Memechan Tokens
- Navigate to the Memechan Platform: Visit the official Memechan trading platform.
- Purchase Tokens: Use your $SLERF tokens to buy Memechan. Remember, after purchasing, you will encounter a one-hour cooldown before you can trade again.
Step 3: Understanding Cooldown and Lock Periods
- One-Hour Cooldown: Post-purchase, you cannot trade for one hour. This helps in stabilizing the market.
- Migration to Raydium: Once tokens migrate to Raydium, a 24-hour lock period is enforced where trading is restricted.
- Seven-Day Unlock: After the initial lock period, tokens will gradually unlock over seven days, during which they remain staked, earning you Liquidity Provider (LP) fees.
Step 4: Keep Updated
- Follow their Social Media: Keep posted on their updates by following their Twitter.
Memechan aims to create a fairer and more stable trading environment for Memecoins on Solana. By using $SLERF as the LP token and implementing cooldown and lock periods, it addresses the manipulation and volatility issues in the space. While it’s uncertain if Memechan will surpass the popularity of platforms like Pump.fun, its innovative approach is certainly noteworthy.